UNITED MICROELECTRONICS CORPORATION INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against United Microelectronics Corporation

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NEW YORK, March 22, 2019 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP announces  that  a  federal securities class  action  lawsuit  has  been  filed  against   United  Microelectronics Corporation  (“UMC”  or the  “Company”)  (NYSE: UMC)  in  the United States District Court for the  Southern District of New York on  behalf of those who purchased or acquired  the American Depositary Receipts (“ADRs”) of UMC between October  28, 2015 and November 1, 2018, inclusive (the “Class Period”).

Investors who purchased ADRs of United  Microelectronics Corporation  are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.

If you have incurred losses in the ADRs of United  Microelectronics Corporation, you may, no later than May 13, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in United  Microelectronics Corporation.    

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The filed Complaint  alleges  Defendants  made false  and/or  misleading  statements and/or failed to disclose that: 

  • UMC conspired with Fujian to steal  trade secrets from Micron relating to its research and development of DRAM;
     
  • UMC hired former Micron  employees for  the purpose of  stealing such  information from Micron;
     
  • the foregoing conduct placed UMC and certain of its employees at an increased  risk of criminal and  regulatory investigation  by the  U.S. government; and
  • as a result, UMC’s public statements were materially false and misleading at all relevant times.

On May 13,  2016, the Company  announced that  it had entered  into a  Dynamic Random-Access Memory  (“DRAM”) Technology  Cooperation Agreement  with  Fujian Jianhua Integrated Circuit Co. Ltd.  (“Fujian”).  Under the agreement, Fujian was to provide UMC with related equipment for its research and development, as well as service fees subject to  the progress of the technology  development. UMC was  to develop  DRAM related  technologies for  Fujian and  deliver  such development results to Fujian before May 12, 2021.  The developed technologies were to be jointly  owned by both  parties.  DRAM is  a memory device  product used in electronics to store information.  DRAM is a technologically  advanced commodity that is widely used in digital electronics, as well as  leading-edge computing, consumer, networking, automotive, industrial, embedded, and  mobile productions.

On November 1,  2018, the  U.S. Department  of Justice  (“DOJ”) indicted  UMC, Fujian, and  Chen  Zhengkun a.k.a.  Stephen  Chen (“Chen”),  a  former  Micron employee hired by UMC, for conspiracy to commit economic espionage, conspiracy to commit  theft  of trade  secrets,  and economic  espionage  (receiving  and possessing stolen trade  secrets).  The  indictment  stated that the  companies conspired to steal  trade secrets  from Micron  relating to  its research  and development of  memory  storage devices.  

According  to the  indictment,  the conspiracy to commit economic espionage began  in or around January 2016,  the conspiracy to commit theft  of trade secrets began  in or about October  2015, and the economic  espionage (receiving  and possessing  stolen trade  secrets) began in or about February 2016.

Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

Attorney Advertising. Prior results do not guarantee or predict a similar outcome.

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